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poliisi
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Stake President
Joined: Wed Mar 23, 2011 2:57 am
Posts: 575
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Corporation of the President of The Church of Jesus Christ of Latter-day Saints http://user.xmission.com/~research/central/chorg3.htmQuote: ARTICLES OF INCORPORATION
First: The name of this corporation shall be the CORPORATION OF THE PRESIDENT OF THE CHURCH OF JESUS CHRIST OF LATTER-DAY SAINTS.
Second: The object of this corporation shall be to acquire, hold and dispose of such real and personal property as may be conveyed to or acquired by said corporation for the benefit of the members of the Church of Jesus Christ of Latter-day Saints, a religious society, for the benefit of religion, for works of charity and for public worship. Such real and personal property may be situated, either within the State of Utah, or elsewhere, and this corporation shall have power, without any authority or authorization from the members of said Church or religious society, to grant, sell, convey, rent, mortgage, exchange, or otherwise dispose of any part or all of such property.
Third: The estimated value of the property of which I hold the legal title for the purpose aforesaid, at the time of making these Articles of Incorporation, is One Million, Five Hundred Thousand Dollars.
Fourth: The title of the person making these Articles of Incorporation is "PRESIDENT OF THE CHURCH OF JESUS CHRIST OF LATTER-DAY SAINTS."
Fifth: The corporate seal shall contain the words, "Corporation of the President of the Church of Jesus Christ of Latter-day Saints," and an impression thereof is hereto affixed.
[Seal] [Signed] Heber J. Grant
President of the Church of Jesus
Christ of Latter-day Saints.
STATE OF UTAH
SS:
COUNTY OF SALT LAKE
On this 26th day of November, 1923, before me, Arthur Winter, a Notary Public in and for said County, personally appeared HEBER J. GRANT, who is known to me to be the person whose name is subscribed to the foregoing instrument as President of the Church of Jesus Christ of Latter-day Saints, and duly acknowledged to me that he executed the same as such President.
[Seal] [Signed] Arthur Winter
Notary Public
Residing at Salt Lake City, Utah.
My commission expires Dec. 1, 1923.
AMENDMENT TO
ARTICLES OF INCORPORATION
of the
CORPORATION OF THE PRESIDENT OF THE CHURCH OF
JESUS CHRIST OF LATTER-DAY SAINTS
UNITED STATES OF AMERICA
STATE OF UTAH ss.
COUNTY OF SALT LAKE
HEBER J. GRANT, being first duly sworn, deposes and says:
That he is now and for more than twenty years last past has been the duly chosen and appointed President of the Church of Jesus Christ of Latter-day Saints and as such President has been since on or about the 26th day of November, 1923, and now is, the legally constituted Corporation of the President of the Church of Jesus Christ of Latter=day Saints, a corporation sole; that under and pursuant to Section 18-7-5 R.S.U. 1933 he hereby amends Article "Fourth" of said Articles of Incorporation as now of record in the proper offices of this and other states, said article as amended to read as follows:
ARTICLE FOURTH
Fourth: The title of the person making these articles of incorporation is "President of the Church of Jesus Christ of Latter-day Saints." He and his successor in office shall be deemed and are hereby created a body politic and corporation sole with perpetual succession, having all the powers and rights and authority in these articles specified or provided for by law. But in the event of the death or resignation from office of the President of the Church of Jesus Christ of Latter-day Saints, or in the event of a vacancy in that office from any cause, the President or Acting President of the Quorum of the Twelve Apostles of said Church, or one of the members of said Quorum thereunto designated by that Quorum, shall, pending the installation of a successor President of the Church of Jesus Christ of Latter-day Saints, be the corporation sole under these articles, and the laws pursuant to which they are made, and shall be and is authorized in his official capacity to execute in the name of the corporation all documents or other writings necessary to the carrying on of its purposes, business and objects, and to do all things in the name of the corporation which the original signer of the articles of incorporation might do; it being the purpose of these articles that there shall be no failure in succession in the office of such corporation sole.
[Signed] Heber J. Grant
President of the Church of Jesus
Christ of Latter-day Saints,
corporation sole.
[Seal]
Subscribed and sworn to before me this 18 day of June, 1940.
[the name of Notary Public not shown on copy of amendment] First: Please correct me, but doesn't second article declare that all the property of the LDS church is actually owned by this corporation, making the church effectively a corporation rather than a religion? Secondly: Doesn't the amendment to the fourth article in conjunction with the second article declare that the sole owner of the property is the president of the church without any liability what so ever to the members of the church?! The way I understand this is that not even the quorum of the twelve has any say how the church property is to be used and only in the case when the president dies the quorum will get a say in any of the matters.
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“You have your way. I have my way. As for the right way, the correct way, and the only way, it does not exist.” - Friedrich Wilhelm Nietzsche
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ojoyo
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Teacher
Joined: Sat May 21, 2011 2:09 pm
Posts: 197
Location: Salt lake Valley
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It would be interesting to see if other major religions such as the catholic church have similar legal enterprises set up like this. It makes sense from a legal standpoint, but you are right polisi, it doesn't seem like a very religious thing to do. At least they didn't have the gall to declare themselves the one true church and then have it notarized....lol  What is interesting to me, in the second article is the statement that pertains to the funds being used to benefit the members of the church, help charity, etc etc. I'm wondering where a 5 billion dollar mall fits into those categories. Maybe all church members should be paid royalties on any profits from church investments. You pay in 10% and you get it back in stocks and bonds.  President Monson has a new title: President of the Corporation of Jesus Christ of Latter Day Saints. Maybe we should just substitute corporation in all places that we currently use church. That would be awesome.
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Abinadi
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MODERATOR
Joined: Thu Mar 13, 2008 12:23 am
Posts: 7278
Location: D&C 101:22-23; Mark 15:38
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It's a legal precaution, and sometimes a requirement. Churches and other organizations have to do this in each nation they are in. So they need lawyers familiar with the laws of each nation, as relate to churches. In the case of Russia, I think the Mormon church "worked out a deal". Similarly other churches have been able to establish economic (not ecclesiastical) footholds in North Korea by "donating" to the imperial Kim dynasty.
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poliisi
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Stake President
Joined: Wed Mar 23, 2011 2:57 am
Posts: 575
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Abinadi wrote: It's a legal precaution, and sometimes a requirement. Please specify what you mean by this. I do understand that all legal entities need to have something that can be challenged in the court of law, but I do fail to see the relevance of this in the LDS concept in which the president of the church is the sole dictator in everything without any liability towards the members. Also taking a look at the City Creek mall issue I cannot see the relevance of this endeavor with the second article of the incorporation. Building and owning a mall is hardly benefit to the members, a work of charity or public worship as the second article states to be the purpose of the corporation. So I find this rather interesting scheme which seems to have been grown out of it's original purpose long ago.
_________________
“You have your way. I have my way. As for the right way, the correct way, and the only way, it does not exist.” - Friedrich Wilhelm Nietzsche
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Abinadi
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MODERATOR
Joined: Thu Mar 13, 2008 12:23 am
Posts: 7278
Location: D&C 101:22-23; Mark 15:38
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Sorry, Poliisi, I'm tired. I wasn't thinking in terms of the commercial enterprise, but just in terms of the "corporation" as a corporation. In the U.S. a legal corporation requires, I believe, by-laws, president, secretary, treasurer, and other details. In some countries there are very strict requirements, such as formal registration with the government. So lawyers are needed to make sure all legal requirements are met, and to keep the church leaders aware of any potential problems either with the law, or in their intimate relationship with the government. Of course, no church needs to have connections with commercial enterprises. If I were the founder of a church, I would not even want it to be tax exempt because to my mind that would make it subservient to the government. I'd go independent, pay my taxes, and say whatever the heaven I wanted.
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poliisi
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Stake President
Joined: Wed Mar 23, 2011 2:57 am
Posts: 575
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Abinadi wrote: If I were the founder of a church, I would not even want it to be tax exempt because to my mind that would make it subservient to the government. I'd go independent, pay my taxes, and say whatever the heaven I wanted. Sounds good and if you can give me a share count me in! 
_________________
“You have your way. I have my way. As for the right way, the correct way, and the only way, it does not exist.” - Friedrich Wilhelm Nietzsche
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teoma2
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God of Mythbusters
Joined: Sat Feb 28, 2009 8:30 am
Posts: 3667
Location: Kolobian Lowlands
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Me thinks here, that the Morg is looking way ahead, to the time when its revenue flow is depreciated to the point that investments like these will continue to provide for many years, a steady stream of unearned income for the leaders...in that sense, its a wise investment for the future.
And it sure is a long lasting impressive footprint in downtown SLC. Its just too bad that the avg small share holder on the street doesn't fully comprehend that the investment capitol ultimately comes from his/her own pocket.
_________________
"When authority masquerades as a power, a simple question will unmask it."
"Just because you think, feel, or believe something is true, doesn't make it true!"
"The doubt of your faith, is not God testing you, but truth trying to emerge and free you."
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